General Electric certainly ACTING like it’s considering bailing on Connecticut.

With the news out that General Electric really and truly is seriously considering bailing on Connecticut (H/T: @JATranfo) because… well, because it’s a Democratic-controlled state that wishes to keep raising taxes.  We might as well be honest about that.  Anyway, the Democratic governor of Connecticut is, amazingly enough, actually worried about losing GE, to the point where he’s trying to stop the tax increases.  But the sharks are still circling:

  • Florida: “On Thursday, officials in Florida’s Tampa Bay area said they were interested in talking with GE and another Connecticut-based company, Aetna. GE already has a presence there. Its Fort Edward plant, in fact, is closing at the end of September with operation shifting to a GE plant in Clearwater, part of the Tampa metro area that also includes St. Petersburg.”
  • Georgia: “As General Electric mulls a move from its Connecticut headquarters, Georgia’s leaders want the conglomerate to know it will welcome them with open arms. Gov. Nathan Deal spoke with GE officials this week after chief executive Jeff Immelt told employees he is considering a move to another state with a “more pro-business environment.””
  • Indiana: “Indiana took out a full-page ad in Wednesday’s Wall Street Journal, lending its support to Fairfield-based GE, along with fellow Connecticut companies Aetna and Travelers that criticized the state’s new business tax increases in the recently adopted budget. [snip] The ad states that Indiana offers its support to those companies in the wake of the looming tax increases “because friends don’t let friends pay higher taxes.””
  • Ohio: “Hamilton County is considering making a pitch for General Electric’s corporate headquarters… Officials here wasted little time reaching out to the corporate giant after GE CEO Jeffrey Immelt complained last week about new tax laws in Connecticut, the current home to GE’s headquarters. Hamilton County Commissioner Todd Portune said he was on the phone with Immelt’s assistant hours after news broke about his unhappiness over the tax situation.”
  • Texas: “Gov. Greg Abbott signed more than $4 billion in tax cuts for business and homeowners into law Monday morning. The bill cuts the business franchise tax by 25 percent and also send billions of dollars toward local school districts so property taxpayers don’t have to pay as much… This comes a week after Abbott sent a letter to Connecticut-based General Electric hoping that these tax cuts lure the huge business to Texas.”

In other words, states are absolutely salivating over the idea of poaching General Electric, and its tax revenues, and its jobs.  So, how is Connecticut reacting to all of this?  Well, let’s check in with the legislature…

  • Connecticut: “The state legislature’s top leaders claimed they’re “open” to the governor’s plea to roll back some business-tax increases—but made clear they’re not swayed by the threats from General Electric that led to the plea.”

They’re being rather snotty on the subject, too. Almost… aggrieved that General Electric might not want to passively submit to handing more of its money over to the Connecticut state government, particularly when other states would be more than happy to make a deal with the company.  I suggest that this attitude of theirs is… contraindicated.

Moe Lane (crosspost)

6 thoughts on “General Electric certainly ACTING like it’s considering bailing on Connecticut.”

  1. instead of lowering taxes they’ll pass a law making it a felony to leave.

  2. Boeing moved their HQ from Seattle to Chicago .. in exchange for a rather large .. bribe. 2001, $56M.
    Since I don’t think Chicago has that kind of coin these days, I’m .. wondering just how long before Boeing moves their HQ again.
    I mean, sure, it has a dollar cost to the operation, but Illinois taxes aren’t going *down* …
    This is tangential, of course, but .. it’s going to remain a problem for Blue States.

Comments are closed.